After weeks of speculation about which of Team GB's Olympic stars would be strutting their stuff on Strictly Come Dancing, the BBC has confirmed that medal winners Victoria Pendleton and Louis Smith will be among the celebrity line-up for this year's series.

Like every Olympic athlete, Pendleton, the gold-winning queen of the velodrome, and Smith, the gymnast who picked up individual silver on the pommel horse and team bronze, were facing a period of adjustment to their newfound fame after the London Games.

But for this pair it will not be their first brush with showbiz. Smith auditioned unsuccessfully for The X Factor in 2009, while Pendleton is no stranger to glossy magazine shoots and has starred in a TV ad for hair brand Pantene. She retired from cycling after London 2012, making no secret of her desire to take part in the hit BBC1 ballroom show, which returns on Saturday night.

They are two of the 14 stars confirmed to appear in this year's series, which will also include Sir Mick Jagger's former wife Jerry Hall, James Bond actor Colin Salmon and former children's TV presenter Johnny Ball, father of Radio 2 DJ Zoë Ball.

Other celebrities being lined up for the usual mix of elation and humiliation include actor Sid Owen, best known for playing Ricky Butcher in EastEnders, former This Morning presenter Fern Britton, ex-Emmerdale actress Lisa Riley, Westlife's Nicky Byrne, Daybreak presenter Richard Arnold, and Tracy Beaker star Dani Harmer.

Former England cricket captain Michael Vaughan follows in the dance steps of fellow cricketers Darren Gough and Mark Ramprakash by taking part in the show.

Ex-Girl's Aloud star Kimberley Walsh used Twitter to tell fans she was taking part. "Rehearsals have been so much fun but ouch ouch ouch," she said.

Pendleton and Smith are unlikely to be the only athletes to join the battle for Saturday night ratings this autumn. ITV also wants to cash in on the post-Olympics euphoria and the likes of Sir Chris Hoy, Jessica Ennis and Bradley Wiggins have reportedly been approached about being guest mentors on The X Factor, while other Team GB stars may turn up on I'm A Celebrity … Get Me Out of Here! later this year and Dancing on Ice in early 2013.